Pre-Credit Union Formation

1. Who can join the Credit Union? Members of the the Zim US Family Collective

   1. How do you become a member of the  the Zim US Family Collective?

      1. Subscribe to our website and Group link​s and participate in our programs, ensure your participation through registrations for events

2. When should we expect the  proposed Credit Union to get approved and start running? 2025 depending on how quickly we raise 100k of capital needed.

3. How much money do I need to contribute for raising proof of capital for the formation of the proposed credit union? A minimum of $200 with an option to contribute more.

4. In the unlikely situation of the proposed Credit Union formation being unsuccessful will I get my $200 back? Yes (less minimal system transaction fees)

5. If I contribute more money do I get more voting rights? No. Due to the nature of the Credit Union rules and regulations, the Credit Union is a member owned entity and each member has equal voting rights. See National Credit Union Administration (NCUA) rules and regulations at Ncua.gov. However, a member who contributes more money will get more dividends.  What is a dividend? Scroll down to read the Post-formation section question number 9  below.

6. Why is my contribution called a donation? The NCUA requires the monies collected to be called donations and not investments in order to comply with a credit union being a not-for-profit. The word donation has been specifically stipulated by the NCUA. 

7. How is my donation contribution documented? Once you submit your donation you receive a receipt stating how much you donated and when. We also keep record of your donation and if ever need additional letters or forms of acknowledgement please let us know so we provide them for you.

8. Before the Credit Union starts operating, where is my money being kept? The money will be collected and kept in a secure Zim US Family Collective  bank account at PNC Bank. The money is reserved for proof of capital and operation of the credit union once approved by the NCUA.

9. Is the team working on the proposed Credit Union / ZUFC Leadership Team getting paid? The team members are all volunteers who are dedicated to the project and have put in many hours and will continue to work pro-bono for the next 3 years. There will be no back pay for any volunteer hours put in. Get to know the team  by clicking here

10.  Where do I get additional details about the proposed Credit Union? For more details please visit ZimFamilyUSAInvestmentgroup.com and subscribe to Zim US Family Collective or join our Whatsapp Group.

 

Post Credit Union Formation

1. What are the short term benefits of joining the credit union?

   1. Building your credit. This is very important especially for people who are new to the US and may have difficulties getting approved for credit cards etc

   2. Access to short term loans with competitive interest rates

2. Can family members apply to be part of the credit union? Yes

3. Is there an age limit to join the proposed Credit Union? Yes. Age 18 and above. Children younger than 18, will need a custodian on the account

4. What eligibility documents do I need in order to join the proposed credit Union? United States ID, Zimbabwean passport or Birth Certificate

5. Are there limitations to the loans offered by the proposed credit union?

   1. Loan limits will apply based on nature of products offered, applicant's profile and their ability to payback.

6. What are the long term benefits of joining the credit union?

   1. Receiving prorated dividends from credit union profits on an annual basis

   2. Receiving competitively lower interest rates.

   3. Building your personal credit

   4. Access to different investment options

   5. Provide volunteer services and /or full time employment

   6. Discounted legal services for members

   7. Participate in community centered financial organization 

   8. Receive financial literacy support 

7. How long does my membership last? Membership is for life as long as you continue to comply with the credit union policies

8. If I don't provide the $200 donation now, can I join the credit union later? Yes. 

9. What is a dividend? distribution of profits to our members. "Dividends represent a member's share in the profits of the credit union. It's often the case that dividend percentages are higher than interest rates on savings accounts, so it's possible to earn more with a high-yield savings account (HYSA) from a credit union than with a traditional bank account."